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NEW YORK CITY — New York City-based Philips International has acquired 110 E. 40th St., a nine-story building located at 40th Street and Park Avenue in New York City. The company plans to convert the building into Grand Park, a 99,368-square-foot office condominium project. Multi-million renovations will include a new lobby, elevator upgrades and energy-efficient windows. Condos will range in size from 2,364 square feet to 11,093-square-foot, full-floor units. Marketing efforts are being undertaken by Newmark Knight Frank.